FX Platforms Post Record Volumes for March Across the Board

All major FX trading venues reported strong ADV increases for March due to the high volatility caused by Covid-19

Following other platforms, the primary FX venues have all reported strong gains in average daily volume (ADV) in March this year.

CME Group and Refinitiv hit their highest levels since September 2014, EBS reached the highest levels since January 2013.

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Refinitiv hit the highest turnover across FX products since it started reporting data in April 2009 with an ADV of $540 billion for all FX products, including FX Spot. This includes a new peak of $399 billion for non-spot products, which means a 15 percent increase from February and an 8.4 percent year-on-year increase, whereas on the other hand its ADV for Spot FX volumes, across its Matching and FXall services, was $141 billion, a 36.9 percent increase month-on-month and up 45.3 percent from March 2019.

CME reported ADV for its listed Futures and Options FX product suite equalling a notional of $132.8 billion, which represents a 35.5 percent increase from February and an increase of 31.3 percent year-on-year. The CME data comes amidst a raft of new records for the exchange across asset classes.

CME owned EBS’ performance was strong as well, as it showed a 44.9 percent increase from February and a massive 57.8 percent increase year-on-year whilst printing an ADV of $131 billion for Spot FX in March.

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The last time all three platforms reported ADV above $100 billion was in May 2018, apart from January and February of that year in which the same happened, was in March 2015.

FXSpotstream, Cboe, Integral and Deutsche Boerse

Pivoting over to API based platform FXSpotstream, the venue posted an ADV of $62.4 billion in March, which represented an increase of 30.4 percent compared to February and an increase of 65.2 percent year-on-year.

Furthermore, Cboe owned HotspotFX posted an ADV of $55 billion for March, which is an increase of 33.3 percent vs. February and 42.7 percent gain year-on-year.

Integral on their end posted an ADV of $55.6 billion in March, which shows a growth of 39.3 percent month-on-month and 42.6 percent year-on-year, respectively.

And last but not least, Deutsche Boerse’s 360T posted Spot FX ADV numbers of $36.9 billion, which represents an increase of 36.2 percent over February and an increase of 70.8 percent year-on-year. This included a new high watermark for Spot traded on a single day of $50.3 billion on March 9. Deutsche Boerse has to yet release the ADV numbers for the Non-Spot FX products traded via 360T.

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